/biz/ - Business & Finance

>>53561663
Chainlink price feeds confirmed to be used by the protocol.
https://twitter.com/akshaysrivastv/status/1621088339268104193

>>53561663
Wait a minute this has nothing to do with ch... hahah
ITS ALL OGRE GUYS DONT LOOK

>In essence, anyone can report any value as the price of a token. The only requirement to be a reporter is to stake 10 LINK tokens (Chainlink protocol token). If the reporter reports incorrect price their staked amount (10 LINK) is slashed.
>At the time of writing the price of LINK is close to $7 so by just staking ~$70 the attacker was able to become a reporter for Teller oracle.
After becoming a staker the attacker simply reported a very high number (5e27) as the price of WALBT.

OH NO NO NO HOW COULD THIS HAPPEN MARINES

>>53561663
it's over for linkchuds

>CTRL + F
>chainlink

no results found

LINK is finished holy shit! Matic bros killed LINK!

"Yes I think chainlink was also integrated."

>probably
>i think
>maybe

>>53561663
>The year is 2050
>Every coin in top 50 has at least 1 trillion market cap in valuation.
>Link price remains at $6-7 range.

>>53561663
What could possibly go wrong?

>>53561663
lamo TRB is stable, up against BTC even

>>53561819
So chainlink was not involved in this fuck up. As usual.

>>53561807
>This was once revealed to me in a dream.

>>53561849
He doesnt even know if link was involved but he still has to say their name.

>>53561663
FAKE NEWS

>>53561823
because tellor is a REAL oracle project. sorry linkchud

>>53561947
Youre not an oracle project unless you get hacked for at least 100mill.

Let's just wait for Sergey to blame the users

>>53562048
Why would Sergey speak for Tellor?

Gues its more catfood for stinkies.

>>53561709
>Yes I think chainlink was also integrated. There was some aggregation or ratio of both price feeds. But since the price by Tellor was so high, chainlink price was nullified

This is what happens when you think mixing quality with garbage is somehow more secure

They will all bend the knee in time.

>Uh, well I think Chainlink might have been integrated
>But when there's a ridiculous outlier in what different oracles report, we automatically assume that outlier is truth and discard the unwanted normal-looking data.

>>53562153
God that feels good.

>>53562179
with every pajeet tier exploit of chainlinks 'competitors' we only grow stronger.

>>53562174
Fucking a this space is a complete joke

>>53562174
lmao

>>53562101
of course sir gay speaks for all oracles or are you saying oracles are easy to copy and link is worthless?

>>53562230

>>53562352

Lmao chainlink "competitor"

>>53562101
>They should have used the standard, sucks to be them
he's tone deaf like that, just shit on people's losses

Who fucking cares. The network is not in effect and we still have kyc nodes. Staking v.01 is still shit. Fuck Sergey

user error

>>53562153
>cringelord larps as game of thrones character
>the heckin knee bend right guysth!!!

Checks token price, nothing. Soon guys just be pati—ACK

Its the stakers fault.. They were supposed to secure the price feeds. I say slash them all

>>53562602
tell me child, how many LINKS did you lose to scams?

>>53562111
STOP MOCKING ME

>>53561834
chainlink oracles were used. they reported the correct values. These retards mixed chainlink oracles with tellor oracles who reported 80 gorillion the exploit still occured since it just took the mean.

LINKIES BTFO

>>53562174
did they just take an average of tellor and chainlink? lmao

>>53562274
It's mind blowing that even this far along with the existence of DeFi and the preponderance of TradFi about to back dive into the space people still don't get the data services piece at all. It's not even on the map for them.

>>53561782
It's mentioned by the guy in the OG tweet!
https://twitter.com/akshaysrivastv/status/1621289939840438272?s=20&t=nbxQq_AOmPAROiyRnlLccA

>>53563643
They don’t want to use link. What about that do you not get? They are actively trying to avoid it

>>53562988
you see this thinking all the time... hey let's mix oracle solutions to increase decentralization!
this situation is a bit nuanced as the protocol did use tellor poorly but even so... look at this mess...
>In essence, anyone can report any value as the price of a token. The only requirement to be a reporter is to stake 10 TRB tokens (Tellor protocol token). If the reporter reports incorrect price their staked amount (10 TRB) is slashed.
>At the time of writing the price of TRB is close to $17 so by just staking ~$170 the attacker was able to become a reporter for Teller oracle.
>After becoming a staker the attacker simply reported a very high number (5e27) as the price of WALBT.
>That's it, any WALBT token is worth billions of dollars on Tellor and Bonq protocols. Now anyone can come up with small WALBT tokens as collateral and borrow millions from the Bonq protocol against that inflated collateral.

>>53563643
I have a very rudimentary understanding of link. I’ve been invested since the beginning (not ico but bought on etherdelta in Nov 2017). Link is in a league of its own in terms of oracles. So far ahead but gets dragged down by all the bad actors and complete retards saturating this space. Literally the only reason I’m optimistic about crypto still is because of link. Yes, fudders I’m staked and don’t care about the price

>>53563767
there is no good way to use tellor. you either get old data or new data thats wrong. both are exploitable

NOOOOOOOOOO THIS CANT BE HAPPENING I HAD OVER 3 MILLION DOLLARS AT THE TOP IF IT KEEPS DROPPING IM GOING TO LOSE EVERYTHING!!!!!!!!!!

>>53563817
true, it's fundamentally flawed
but at least the old data wouldn't have caused this outcome

>>53563759
That's only the smart bad actors who know cryptographic truth would end their party. Everyone else is a sincere retard or a retarded bad actor.

>>53561663
>>53561709
If you put shit in a chicken pot pie it just becomes a shit pie. Therr will be only one

>>53563889
I haven't ran any models but my hunch is old data is worse than a TWAP. If your shit is worse than a TWAP why use it at all?

>>53564108
i guess they'd argue that the reporters are able to bring in cex data to guard against twap manipulation
but yeah, the model is flawed in any case with the stale data

>>53563371
They did. Chainlink has blogged about why this is extremely retarded already I'm pretty sure.

>>53562174
>arvesgh sirvastaff

So does Ari sit in his dungeon all day working on exploiting every single oracle competitor or does he work on Chainlink sometimes too?

My momma always told me to never mix oracle solutions. its just bad DeFi

>>53563686
Why did they use Tellor as a relay? Trying to get around paying "token needed"? Losing 160 million to save fractions of 7s of dollars?

If you use a decentralized service, yes such shit might happen. That is why chainlink is a walled garden corpo welfare queen anti decentralized oracle.

>>53562153
Dude, stop. I really am terrified of how smug I have become as a person.

>>53561663
>>53561709
>>53561728
These secret pro LINK threads are getting annoying

The fact this happened because they didn't use link is long term bullish. But short and medium term bearish, because it shows defi ponzi casinos are still more than happy to try to save pennies to avoid paying chainlink.

>>53561663
LOL@chainlink.gay

>>53561663

OP can't read
"Yes I think chainlink was also integrated. There was some aggregation or ratio of both price feeds. But since the price by Tellor was so high, chainlink price was nullified."

In other words, Tellor was exploited, not LINK. Bonq relied on the Tellor inflated price

>>53565147
How is this thread "pro link"? You think op was trying to shill link?? Holy shit you're coping so hard HHAHAHAHAHAHAHAHAHAHA

>>53561663
Before I go to work I just want to say OP is a fucking genuis.

>>53565147
Kindly suggest an oracle with better track record, ser. Looking to invest village rupees

>>53565070
>-ACK

>tellor
Someone get Chris Blec on the phone

This is also the funniest exploit ever.
>um yes hallo i would like to report the price of WALBT pls
>ok sir pls pay $170 and you can report the price of WALBT
>here you go fren, now I would like to report the price of WALBT as $10000000000 each
>ok sir thank you
>now I would like to deposit 1 WALBT and withdraw $10000000000 from your protocol thank you
>ok sir that all seems fine

>>53561663
Oh no, how awful for Tello… I mean Chainlink!!

So anyone can send a price to a Tellor oracle and the oracle will report it no matter what? It's up to the client to design a way to discard extreme outlier data?

>>53565828
He’s too busy doing deliveries for door dash

>>53565819
We're in it for the tech, obviously

If you want to use two different oracles, wouldn't the sensible thing be to have a "killswitch" if the two prices deviate too far from each other?

I don't understand why you'd use two different oracle services to begin with

>>53566177
>>53566186
You use Chainlink so you can say you're using Chainlink, and you use Tellor so you can steal shitloads of money from your own protocol.

>>53563686
>&t= gay tracking bullshit
kys

>>53561728
Fuck, I am staking and can’t sell. Holy mother fucking hell, please God I have suffered enough.

Lol imagine actually trying to compete with Link...

>>53561834
Chainlink provides the oracles for tellor

>>53566177
The sensible thing to do would be to use the oracle network which already aggregates and eliminates outliers on its own.

>>53566147
And sergey thanks you for your generous donation

>tfw all in on tellor

Itsover

>>53562230
he cant keep getting away with it...

>akshaysrivastv

>>53562179
Can the price please at least reflect this for fucks sake I'm getting old bros.

>>53566246
the fuck does that even mean?

>>53566147
Im in it for Big Macs

my bad

>>53568888
>8888
>shitstink thread
>bad post

>>53568902
>woman dev creates the dumbest protocol for inbound oracles and some guy with $100 uses it to cash out $100m
>bad post
Sorry sweetie, I forgot to add her pronouns

>>53562146
it was true all along... just like the 2017 anons said. the other oracles were pajeet scams...

>>53561663
its mostly all in BONQ EUR tokens which are useless

>>53561663
holy shit it's real this time
just sold 100k there's no coming back from this

>>53565147
>retarded fudder comes into a thread thinking that itll be like the 40 other ones his discord group has made today
>realizes that it's actually bullish for link after he's forced to read an article that he thought was going to be new material
>"THESE SECRET PRO LINK THREADS ARE ANNOYING FUCK OFF"
eat shit faggot
do something better with your time lol

>>53568801
It means that Chainlink’s oracles are a faulty product and no one will use Chainlink. This is bad, very bad

god damnit i would sell if i could but staking does not allow me to

>>53561663
>100 millions (??) relying on tellor (??)
what the fuck lol
what the fuck is bongdao and why does it have 100 mil tvl in a bear market
and why the fuck would a 100 mil tvl project would use fucking tellor lol

honk

Bonqdao
>2000 followers on Twitter
>0 of the defi devs I'm following on Twitter are following
>Uses 2 oracles with tellor apparently being the main one
>120 TVL which is "drained"
This was literally deliberate money laundering + crime, nothing else explains this much capital being in a literal who project nobody has heard of plus such a basic attack vector. I don't hold link because it sucks at pumping but link did nothing wrong.

>>53561663
>$120 million chainlink oracle exploit
>open google and search for news
>nothing

OP is a true tranny

>female ceo
>boomer cto
top kek this shit had all the red flags

>>53571070
lrn2read it's just a chainlink community in-joke to claim chainlink got exploited, when the goal is to expose a competitor shitting itself

https://cointelegraph.com/news/bonqdao-protocol-suffers-120m-loss-after-oracle-hack

>>53561663
The future of finance, ladies and gentlemen.

*flips foward*

What's this?

*looks left and right*

"A LINK fud thread?"

*in one swift motion, lifts himself off the ground and towers over his enemies*

"Guess you weren't expecting the LINK Marines, eh?"

*blasts rifle*

"We are here..."

*blasts rifle*

"To protect and serve"

*blasts rifle*

"The value of data"

*stands cooly under a shade tree, his enemies defeated"

"Think they got the point?"

>>53565828
>Chris Blec
Oh man I almost forgot about this faggot

>>53571165

>>53566222
better call 1-800-CASH-NOW

>>53571239
fucking lol it's so beautiful
linkies are legit always right, have been for years

>>53571125
>lrn2read it's just a chainlink community in-joke to claim chainlink got exploited
no this is just another discord tranny psyop like shooping ada and charles on chainlink news for shits and giggles
I hope you die a painful death

>>53571286
its og marine humor and board culture, and it's what filters intj chan autists from pajeet tourists who can't detect irony, fuck off

>>53571286
spotted the newfriend

>>53571301
>>53571304
FUCKING DIE ASTRO YOU ABSOLUTE KIKE NIGGER JEW RAT REEEEEE

>>53571286
holy seethe

This noble tradition started when Maker's oracles failed and anon made a thread but nobody replied.
Then he made the exact same thread but changed Maker to Chainlink, and suddenly his thread got swarmed by Link fudders.

It's such a beautiful technique.

>>53571357
Kek i remember this.

>>53571357
lol I made that thread

>>53571456
sure you did, anon

>>53561709
>Chainlink price feeds confirmed to be used by the protocol.
>confirmed

>since the price by Tellor was so high, chainlink price was nullified
>chainlink price was nullified
>nullified

>>53571474
I made it. Seeth

>>53561663
>>53561709
>>53561947
>>53562101
>>53562146
>Tellor
The greatest thing is the faulty oracle Tellor is up +8% on these news. You couldnt make this clown world up.

goddamnit
this >>53569157
was meant to be a response to
this >>53562174

god fuck i was tired last night

>>53573338
>Tellor
The oracle project that was endorsed by the former CEO of google and is officially partnered with SWIFT? It gets a pass for these mistakes, these are simple growing pains for the most important crypto project of all time.

>>53573338
Its up 12% now.

>>53571239
Chris Ack

>>53562146
>Yes I think chainlink was also integrated. There was some aggregation or ratio of both price feeds. But since the price by Tellor was so high, chainlink price was nullified
>This is what happens when you think mixing quality with garbage is somehow more secure
Reminds me of something mechanics say:
What do you get when you mix one gallon of bad gas with 19 gallons of good gas?
20 gallons of bad gas.

TFW you tell everyone samarai coin will flip LINK and they don't listen

>>53574993
in the eyes of the vc scum that control this space failure is success because they want crypto to stay niche and featureless. this is the world btc maxies have chosen and it is a jewish world